Healthpeak Properties (DOC) 8-K Other Events

Exhibit 12.1

Health Care Property Investors, Inc.

RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

	2004			2003			2002			2001			2000
RATIO OF EARNINGS TO FIXED CHARGES(1)
Fixed Charges:
Interest Expense and Debt Amortization	$	88,138		$	88,297		$	74,951		$	75,526		$	84,684
Rental Expense		431			130			164			152			138
Capitalized Interest		1,650			1,210			1,323			243			514
Fixed Charges	$	90,219		$	89,637		$	76,438		$	75,921		$	85,336
Earnings:
Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees	$	166,260		$	149,833		$	134,919		$	111,001		$	103,342
Add Back Fixed Charges		90,219			89,637			76,438			75,921			85,336
Add Distributed Income from Equity Investees		2,157			1,195			920			944			1,412
Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges		(79	)		(439	)		(348	)		(458	)		(638	)
Less Capitalized Interest		(1,650	)		(1,210	)		(1,323	)		(243	)		(514	)
Less Minority Interest from Subsidiaries without Fixed Charges		(5,370	)		(4,568	)		(3,072	)		(3,109	)		(3,485	)
Total	$	251,538		$	234,448		$	207,534		$	184,056		$	185,453
Ratio of Earnings to Fixed Charges(1)		2.79			2.62			2.72			2.42			2.17
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(1)
Fixed Charges:
Interest Expense and Debt Amortization		88,138			88,297			74,951			75,526			84,684
Preferred Stock Dividend		21,130			36,736			24,900			24,900			24,900
Rental Expense		431			130			164			152			138
Capitalized Interest		1,650			1,210			1,323			243			514
Fixed Charges	$	111,349		$	126,373		$	101,338		$	100,821		$	110,236
Earnings (see above)	$	251,538		$	234,448		$	207,534		$	184,056		$	185,453
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends(1)		2.26			1.86			2.05			1.83			1.68

⁽¹⁾ The ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends have been revised from those presented in Exhibit 12 to the Registration Statement on Form S-3 filed on December 15, 2003, to reflect reclassifications of discontinued operations pursuant to Statement of Financial Accounting Standard No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets” (FAS 144).